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Australians Lost a Record Amount of Over $3 Billion to Scams in 2022
The Australian Competition and Consumer Commission (ACCC) revealed that Aussies lost more than $3...
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State Street Bank fined $1.24 million for breaching AML laws
The US-based State Street bank has been hit with million-dollar money laundering fine. The Austra...
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MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes
Bank Negara Malaysia announced additional security measures for financial institutions to strengt...
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Shufti Relocates its London Office to Facilitate the Company Growth
March 2021, Shufti is pleased to announce the relocation of its London office to a larger and...
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US Treasury Department Issues AML Study for the Art Market
The US Treasury Department Issues anti-money laundering (AML) study for the art market, aiming to...
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Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering
The Government of Saskatchewan is spending $1.66 million on the Civil Forfeiture Program to back ...
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EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks
The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...
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30 Swiss Banks Failed Money Laundering Regulatory Analysis Test
The Swiss financial regulatory authorities overviewed the security of the banking sector and noti...
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2020 Election is coming up! Facebook bans deepfakes
2020 is up and the United States’ presidential election campaign is underway. Prior to these elec...
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UK to Propose Regulatory Protocols for Stablecoins
The government of the UK has declared incoming regulations for stable coins currency. It has also...
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EU Fines Hungary for Declining to Lift Restrictions on Foreign Funded NGOs
European Union, in Brussels, took an important step to penalize Hungary for not lifting restricti...
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IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies
IRS highlights Non-Fungible Token (NFTs) and crypto as the potential risk of financial crimes, in...
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Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency
The Japanese government is pondering enacting a new law. The “bundling bill” proposed...
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FinCEN Shutting the Channels of Financial Crimes Directed through Shell Companies
A major path of money laundering and tax evasion has been shut off by FinCEN with their new regul...
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PayPal Announces Suspension of UK Crypto Purchases from October
PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...
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New Crypto Regulations to be Followed by Korean Banks
South Korea is increasing cryptocurrency regulations by making KYC verification necessary along w...
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HKMA imposed a HK$6 million fine on Commerzbank for AML Failure
HKMA imposed a HK$6 million fine on Commerzbank for anti-money laundering failure. The bank has b...
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Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs
The Australian Senate’s inquiry will be examining the impact of bringing DNFBPs under the AML/CFT...
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FinCEN Proposes Beneficial Ownership Reporting Requirements
The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...
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€18 Million of Illicit Cash Flows Undetected Across 25 EU States in Two Weeks
A major customs operation, BELENOS, by the French Customs authorities, has unveiled an illicit fl...
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BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering
BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...
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Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks
A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...
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SkyCity Adelaide Casino Investigation on hold Amid Money Laundering Court Action
The investigation of SkyCity Adelaide’s capacity to hold a casino licence has been “put on hold”....
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Formal Warning Issued to Westpac Over AML Failures, RBNZ Discloses
The bank underreported 8000 corporate transactions made overseas between July 2018 and February 2...
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Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion
Chinese Authorities in the Hunan province have busted a criminal ring of 92 individuals for alleg...
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Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash
Assets worth over $10 million have been seized after an international investigation into money la...
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AUSTRAC Has Published a New Guidance For Detecting “Cuckoo Smurfing”
AUSTRAC’s guidance offers indicators for financial institutions, to allow them to detect suspicio...
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Russian Central Bank Still Saying “No to Use of Crypto in Settlements”
Russia’s Central Bank has put another wrench in the pro-business Ministry of Finance’...
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KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions
The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...
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US Set to Disclose New Real Estate Regulations to Combat Money Laundering
The US Treasury Department is ready to introduce rigid regulations to close security loopholes in...
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“Walk the Talk” – RUSI Calls On FATF to Promote Financial Inclusion
RUSI has called out the FATF for not actively promoting financial inclusion as part of its primar...
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UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers
Facial recognition instead of Emirates ID card readers will now verify identity.
The Federal Auth...
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Fintech Requires Tight Controls to Mitigate Data Privacy Risks, Treasury Report
As per the new report by the U.S. Department of the Treasury, Fintech requires tight controls to ...
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Money Service Businesses Tighten AML/CFT Measures Amid Challenges
Microfinance firms, remittance services, and cambios have reported success in upgrading AML/CFT m...
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SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine
Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...
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US Senators Push Congress to Regulate Crypto Amid FTX Turmoil
US senators have urged Congress to regulate cryptocurrencies under current financial regulations ...
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France to Test Digital Currency in the First Quarter of 2020
The digital currency race is building up and every country wants to take part in it. Now, Banque ...
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MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports
The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...
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Medical Testing Postpones Money Launderer’s Sentencing
The conviction of Mark Scott, a licensed advocate involved in laundering $400 million for the unp...
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EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022
EFCC has called on designated non-financial businesses and professions to conduct their dealings ...
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Money Laundering Watchdog Fines HSBC for AML Violations
HSBC Malta has been fined €82,000 by Financial Intelligence Analysis Unit (FIAU) for AML violatio...
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SRA Fines Oxfordshire Law Firm over Weak AML Controls
The SRA (Solicitors Regulation Authority) has charged £20,000 to an Oxfordshire law firm after id...
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FinCEN Warns Banks of Potential Russian Sanctions Evasion
The Financial Crimes Enforcement Network (FinCEN) has warned banks of possible suspicious practic...
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$8.6bn Lost to Cryptocurrency-based Money Laundering in 2021
‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...
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Singaporean Banks Enhance Security to Combat Financial Crime
The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...
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“Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President
After his statement in May that declared cryptocurrencies as a risky investment, the Vice Preside...
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OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering
OFAC has imposed economic sanctions on cryptocurrency mixing service Tornado Cash for allowing cu...
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South Africa Introduces Biometric Child Registration To Stop ID Theft
The Department of Home Affairs (DHA) in South Africa recently introduced a new method of biometri...
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Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF
According to the annual report of Basel Index 2020, among the 141 countries, Kazakhstan is at 73r...
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TSB Fined $3.5M on Account of Four AML Breaches
New Zealand’s High Court has fined Trustee Savings Bank (TSB) Ltd NZD 3.5 million following the b...
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EU and British Financial Watchdogs to Investigate Digital Stock Tokens
The German and British regulators are reportedly investigating the stock token trading, recently ...
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Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower
The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...
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Hong Kong further strengthens its Cryptocurrency regulations
Paul Chan, the Financial Secretary of Hong Kong, stated that the country was considering to stren...
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Roll-out of vital banking fraud check postponed again due to Coronavirus
A crucial banking security check that could avert the loss of millions of pounds to internet frau...
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China Makes Facial Recognition Mandatory For Smartphone Users
China is making it mandatory for all smartphone users who register new SIM cards to submit to fac...
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£23.8 Million Fined to MT Global for AML Non-Compliance
A Money Service Business (MSB) firm, MT Global, penalized by HM Revenue and Customs for breaching...
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West Midlands Lose Approximately £8 Million to Employee Fraud in 2022
Business advisors RSM UK has revealed West Midlands as a hotspot for employee fraud. The region h...
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Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.
A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...
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EU’s New Anti-Money Laundering Watchdog to Monitor the Crypto Space
The European Union is developing a program to impose stringent regulations on the cryptocurrency ...
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US Takes Steps to Regulate Digital Currency Amid Russian Sanction
President Biden signed an executive order on Wednesday wherein the federal government was urged t...
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HM Treasury Consults UK Government on AML Supervision Reforms
HM Treasury announced that a consultation would be conducted concerning AML/CFT supervision refor...
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Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case
Singapore’s central bank started an investigation against banks involved in a $1.8b global wealth...
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AUSTRAC Denounces De-banking Practices To Prevent Financial Crimes
AUSTRAC stated that de-banking is a complex global problem as it multiplies the risks faced by fi...
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Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures
Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...
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Hogan and other US Top Official Become the Victim of Identity Theft
A fraud scheme attacking top government officials of Maryland State has been uncovered. The schem...
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Guyana Holds US-Sponsored Conference to Examine Asset Recovery and Money Laundering Issues
The Judiciary of Guyana organised a two-day conference in collaboration with the US Department of...
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ACRA Cancels Registration of Company for AML/CFT Failures
The Accounting and Corporate Regulatory Authority (ACRA) has revoked the registration of a compan...
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FATF to “Gray List” UAE for AML Failings
The Financial Action Task Force (FATF) is considering adding the United Arab Emirates to its gray...
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Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft
Three of the most prominent brokers in the country have come under scrutiny from numerous regulat...
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US Officials allege student defrauded Apple as part of SIM swap attack
Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...
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Shufti Nominated for Yalla Fintech 2020 Award
Shufti, an identity verification service provider offering KYC verification and AML screening...
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NY’s Attorney General Warns the Crypto Industry Against Illicit Activities
Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...
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